Skip to Content Facebook Feature Image

Norfund grants US$30 million convertible loan to SeABank

Business

Norfund grants US$30 million convertible loan to SeABank
Business

Business

Norfund grants US$30 million convertible loan to SeABank

2024-06-20 09:44 Last Updated At:10:05

HANOI, Vietnam, June 20, 2024 /PRNewswire/ -- Norfund, the Norwegian Investment Fund for Developing Countries, has decided to invest US$30 million to Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) in form of a convertible loan. The loan can be converted into common shares of SeABank within 4-year term, aiming at providing additional capital to support retail banking customers, small and medium enterprises (SMEs) and micro-enterprises in Vietnam.

Norfund is an investment fund owned and funded by Norwegian Government that works to create jobs and improve lives by investing in businesses in developing countries that drive sustainable development. Norfund is fully funded by the Norwegian International Development Assistance budget - Government's most important tool for strengthening the private sector in developing countries and for reducing poverty.

Ms. Le Thu Thuy – Vice Chairwoman of the BOD, SeABank shares: "The partnership shares our joint purpose of impacting Vietnamese economy growth in general, while enhancing financial access for SeABank's SMEs and retail banking customers in particular. The loan also supports the Bank's sustainable development strategy to the utmost in the upcoming period."

Ms. Fay Chetnakarnkul – Regional Director (Asia), Norfund said: "Financial inclusion is Norfund's core mandate and is aligned with SeABank's strong commitment to finance and support retail banking customers and SMEs in Vietnam. The partnership will look to be a catalyst to help uplift the unbanked and underbanked in the country."

The cooperation aims to provide SMEs with additional financial sources to fulfill their long-term capital demands. The Bank also has additional capital for retail lending, considering the increasing financial needs of this group.

Previously, SeABank has continuously received foreign investments totaling nearly US$600 million from prestigious institutions like IFC, DFC, etc. These aim to accelerate the Bank's sustainable development strategies focusing on: SMEs financial access improvements, ESG practices application, and climate change mitigation. International funding, together with available capacity, has enabled SeABank to deliver flexible financial solutions and strongly support SMEs, especially women-owned SMEs, in capital use optimization. Besides, SeABank prioritizes disbursements for green credit and climate change mitigation projects as well as green mortgages for individual customers buying houses with green-building certificates, thereby posing positive impacts on the socio-economy and environment.

Norfund's investment has demonstrated the increasing trust, affirming SeABank's reputation, operational efficiency, and capital utilization efficiency. This also helps SeABank's corporate customers improve capacity and promote key business areas effectively.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Norfund grants US$30 million convertible loan to SeABank

Norfund grants US$30 million convertible loan to SeABank

SANTA CLARA, Calif., July 18, 2024 /PRNewswire/ -- The Frost & Sullivan Institute is excited to announce the winners of the 2024 Enlightened Growth Leadership Best Practices Recognition from the Americas (LATAM and North Americas). This prestigious accolade honors companies that have seamlessly integrated sustainable practices into their business models, setting new benchmarks for innovation and social responsibility. This year's awardees have demonstrated exceptional leadership in tackling challenges such as water conservation, promoting circular economy models, enhancing digital inclusion, and reducing GHG emissions. These exemplary organizations have successfully integrated business excellence with social and environmental responsibility, setting a benchmark for others to follow.

"The Enlightened Growth Leadership Awards celebrate companies that have transcended traditional business models to integrate sustainability at their core. These honorees exemplify how innovative thinking and responsible practices can drive both economic growth and social good. Their accomplishments set a powerful example, encouraging other organizations to strive for a balance between profitability and positive impact, ultimately leading to a more resilient and inclusive global economy," remarked Aroop Zutshi, Director of the Frost & Sullivan Institute.

The award selection process is a comprehensive and rigorous eight-step journey, blending expert evaluations, market research, and in-depth scrutiny of the nominees' innovative contributions. Based on metrics such as achieving growth excellence, pioneering 'innovating to zero' solutions aligned with global priorities, optimizing the customer value chain, and driving technological advancements, the awardees truly exemplify excellence in their fields.

The Frost & Sullivan Institute proudly congratulates all the winners of the 2024 Enlightened Growth Leadership Best Practices Recognition from the Americas. Their remarkable contributions will be celebrated at a prestigious awards ceremony hosted in collaboration with the Strategic Consortium of Intelligence People (SCIP) in Barcelona later this year. These companies serve as inspiring examples of how business success can be harmonized with the well-being of our planet and its people.

Recipients:
Enphase Energy
Entegris
Enviva Inc.
EOG Resources, Inc.
EPAM Systems, Inc.
Exact Sciences Corporation
Exelixis, Inc.
ExlService Holdings, Inc.
Fiserv, Inc.
Fortinet, Inc.
FOX Factory, Inc.
Generac Power Systems, Inc.
Graphic Packaging International, LLC
Humana
Coherent Corp.
Incyte
Insulet Corporation.
International Flavors & Fragrances Inc.
IPG
Intuit Inc.
Intuitive Surgical
L3Harris Technologies, Inc.
LAM RESEARCH CORPORATION
Lineage, Inc.
Maximus
McAfee, LLC
Merck & Co., Inc.
Meta
Microchip Technology Inc.
MKS Instruments
ModivCare
Mosaic
MSCI Inc.
Netflix, Inc.
Neurocrine Biosciences, Inc
Nielsen Consumer LLC.
Nutanix
Nutrien Ltd.
Open Text Corporation.
Oracle
Palo Alto Networks
Par Pacific Holdings, Inc.
Parexel International (MA) Corporation.
Pinterest

About Frost & Sullivan Institute
The Frost & Sullivan Institute (FSI) is a non-profit organization dedicated to utilizing business practices to address global priorities. The genesis of the institute goes back to the vision of either creating or becoming part of a solution that addresses threats to humanity. The Institute has identified strategic imperatives for transformation and believes that we can truly accelerate innovation to zero. To learn more about FSI, visit www.frostandsullivaninstitute.org

About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Media Contact:
Bivechana Gautam
Email: Bivechana.gautam@frost.com

Related Links
www.frost.com
www.frostandsullivaninstitute.org

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Frost & Sullivan Institute Celebrates Leaders in Sustainability with 2024 Enlightened Growth Leadership Awards

Frost & Sullivan Institute Celebrates Leaders in Sustainability with 2024 Enlightened Growth Leadership Awards

Recommended Articles